Prudential Announces Exclusive 10-Year Bancassurance Partnership with CIMB Thai Bank in Thailand

Prudential Announces Exclusive 10-Year Bancassurance Partnership with CIMB Thai Bank in Thailand

(IN BRIEF) Prudential plc has revealed that Prudential Life Assurance (Thailand) Public Company Ltd (PLT) has entered into a decade-long bancassurance partnership with CIMB Thai Bank Public Company Limited (CIMB Thai), establishing PLT as the exclusive life insurance partner for CIMB Thai in Thailand. This strategic partnership aligns with Prudential’s multi-market growth strategy and enhances its presence in the significant ASEAN market of Thailand. CIMB Thai is part of CIMB Group Holdings Berhad, a prominent bank in ASEAN, offering Prudential access to its extensive customer base and branch network in Thailand. The collaboration aims to accelerate PLT’s growth plans and expand its bancassurance footprint in the region.

(PRESS RELEASE) LONDON, 13-Jan-2024 — /EuropaWire/ — Prudential plc (“Prudential”) has announced that Prudential Life Assurance (Thailand) Public Company Ltd (“PLT”) has signed a ten year bancassurance partnership with CIMB Thai Bank Public Company Limited (“CIMB Thai”), where PLT will become the exclusive life insurance partner for CIMB Thai in Thailand.

This partnership will increase Prudential’s scale in Thailand, an important market in ASEAN, and is fully aligned with Prudential’s multi-market growth strategy announced as part of its HY 2023 results.

CIMB Thai is a member of CIMB Group Holdings Berhad (“CIMB Group”), a leading bank in ASEAN with operations across 8 ASEAN markets (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Philippines, Vietnam, and Myanmar). The partnership provides Prudential with access to CIMB Thai’s extensive customer base and branch network in Thailand.

Dennis Tan, Managing Director, Strategic Business Group said: “We are delighted to partner with a leading bank like CIMB Thai. PLT is already the third largest bancassurance player in the market and this partnership will further accelerate its growth plans.”

Prudential continues to seek opportunities to deploy capital at attractive returns, enhancing the quality of its distribution and so driving growth in new business profits.

About Prudential plc

Prudential plc provides life and health insurance and asset management in 24 markets across Asia and Africa. Prudential’s mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts. It is a constituent of the Hang Seng Composite Index and is also included for trading in the Shenzhen-Hong Kong Stock Connect programme and the Shanghai-Hong Kong Stock Connect programme.

Prudential is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

https://www.prudentialplc.com/

About CIMB Thai Bank Public Company Limited

CIMB Thai is a fully-licensed commercial bank with its network of 54 branches across Thailand (as of 31 December 2023). CIMB Thai is committed to its vision of becoming a digital-led bank with ASEAN Reach. We aim to build a high-performing sustainable organization to help advance customers and society, leveraging our best-in-class financial solutions, ASEAN network and technology.

CIMB Thai is 94.83% owned by CIMB Group Holdings Berhad (“CIMB Group” or “the Group”) which is headquartered in Kuala Lumpur, Malaysia. CIMB Group is one of ASEAN’s leading banking groups and Malaysia’s second largest financial services provider, by assets. Listed on Bursa Malaysia via CIMB Group Holdings Berhad, it had a market capitalisation of approximately RM57.9 billion as at 30 September 2023. It offers consumer banking, commercial banking, wholesale banking, transaction banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in eight ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Vietnam, Myanmar and Philippines). Beyond ASEAN, the Group has market presence in China, Hong Kong and UK.

For more information please visit https://www.cimbthai.com

Media Contacts:

Media:
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Sophie Sophaon: +852 6286 0229
Chayanit Hongskul: +66 2352 8079

Investors/Analysts:
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William Elderkin: +44 (0)20 3977 9215
Darwin Lam: +852 2918 6348

SOURCE: Prudential plc